Metro banks on discount share placing to cover blunder

Embattled lender Metro Bank has moved to end concerns over its finances by selling new shares, at a discounted price, in a bid to raise £350m.

Sky News revealed last week that the share placing was taking place – months after the bank disclosed it had not sufficiently classified risk on a number of loans on its books.

The accounting error meant it was required to raise money to meet post-crisis rules governing how much capital a bank should have to cover loans, should they turn sour.

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